Trustee's Sale
Hi again, Here is the situation ,
I am looking at a property that will be auction off at trustee’s sale. The total amount owed on the house is 146,000 dollars which includes first loan + all the back taxes. I don’t know how to find out if there are any other liens on the property since the owner abandoned the house. The fair market value of house is 165,000. It looks ok from out side except the yard is all dry, but I am not sure what the inside looks like.
So I want to know how the trustee sale works. Do you always have to offer the total amount owed or can you offer less? Does it work like a public auction or the only people allowed in the court house are the people with cashiers check. Since I am new to all this I need all the information I can get. I contacted one of the real estate agent but she doesn't know much about trustee's sale either. So please help!
Did you consider asking the trustee?
The sale will be for cash. Anyone can watch.
The opening bid is normally from the lien holder who is foreclosing and it will be for what is owed in total.
If you want to buy for less you need to agree a deal before the sale.
John
[addsig]
There doesn't appear to be very much margin on a flip basis. Hope you are going to keep it as a rental.
Thank you all. I still don't know how do I find out if there are any other liens on the property. I know its not really a bargain if I buy it I will rent it out.